Linc Ltd: Writing the future of Bharat

Recipient:

• The letter is addressed to three entities: The Calcutta Stock Exchange Ltd., BSE Limited, and the National Stock Exchange of India Limited.

Subject of the Letter:

• The letter is about the company entering into a Joint Venture Agreement with another company called Morris Co. Ltd.

Purpose of the Agreement:

• Linc Limited and Morris Co. Ltd. are teaming up to create a joint venture company called Morris Linc Private Limited. They plan to manufacture and sell anti-ink dry markers with an automatic airtight sealing mechanism.

Shareholding:

• Linc will own 50.01% of the joint venture, and Morris will own 49.99%. This means Linc has a slightly larger share of ownership.

Key Terms of the Agreement:

• Both Linc and Morris will appoint two directors each to the joint venture company.
• The chairman of the joint venture will be appointed by Linc.
• Linc and Morris will provide funding to the joint venture according to the agreement.
• If the joint venture raises funds by issuing shares, it will be done through a rights issue unless both Linc and Morris agree otherwise.
• Certain decisions regarding the joint venture can only be made with the agreement of both Linc and Morris.
• There are some non-compete and non-solicitation obligations outlined in the agreement.
• The agreement contains other standard terms and conditions for the operation and management of the joint venture.